Recently, there has been an interesting phenomenon—while traditional stock markets become anxious due to Federal Reserve personnel changes, Bitcoin has been moving to its own rhythm. The decoupling of the crypto market from the US stock market is becoming more and more evident. What is really going on behind this?

**Technical indicators suddenly look promising**

From the candlestick charts, Bitcoin's recent technical performance is indeed worth noting. The Relative Strength Index (RSI) has broken above the 50 midline for the first time since October last year, and the MACD indicator is also showing bullish signals. This technical combination is often seen by traders as a classic sign of a reversal and bottoming out. Currently, the market is watching the key resistance level at 10,1000 USD. Once it stabilizes above this level, it could trigger a new round of buying.

**Institutional money is flowing in**

The flow of funds is also speaking. Bitcoin spot ETF has recently regained attention from investors, with continuous net inflows. This indicates that institutional investors' demand is gradually warming up. The previous skepticism from institutions is now slowly being alleviated.

**But not all assets are rising**

There is an interesting divergence here—while Bitcoin spot is performing strongly, some stocks related to crypto are not as fortunate. For example, MicroStrategy (MSTR) has significantly underperformed Bitcoin and has been bearish among options traders. What's the issue? Some analysts believe that MSTR might be excluded from major stock indices due to its asset structure, which could lead to fierce selling by passive funds. Investment banks are also turning bearish; TD Cowen lowered its target price for MSTR due to a downward revision of Bitcoin yield expectations.

**Macro factors remain uncertain**

The leadership change at the Federal Reserve continues to bring policy ambiguity. This uncertainty remains a potential variable affecting global risk asset sentiment.

**How to view this market?**

Currently, the crypto market is strengthening under the combined effects of technical breakthroughs, capital inflows, and decoupling from traditional finance. However, internal market differentiation is also quite clear, requiring investors to distinguish carefully. Assets like Bitcoin spot are performing healthily, while some related stocks are under pressure due to their own issues. While embracing the overall industry trend, investors must learn to see through the true risks behind different assets.